Coinbase Global (NASDAQ:COIN) Shares Gap Down to $191.23

Coinbase Global, Inc. (NASDAQ:COIN) gapped down prior to trading on Monday . The stock had previously closed at $191.23, but opened at $184.19. Coinbase Global shares last traded at $181.40, with a volume of 2,411,058 shares.

Wall Street Analyst Weigh In

A number of research firms have weighed in on COIN. Bank of America reduced their price objective on shares of Coinbase Global from $263.00 to $246.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $260.00 price target on shares of Coinbase Global in a research note on Monday, August 5th. HC Wainwright lowered their price objective on Coinbase Global from $315.00 to $295.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Citigroup raised Coinbase Global from a “neutral” rating to a “buy” rating and increased their target price for the company from $260.00 to $345.00 in a report on Tuesday, July 23rd. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $320.00 price target on shares of Coinbase Global in a research note on Friday, August 2nd. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $246.06.

Coinbase Global Price Performance

The company has a debt-to-equity ratio of 0.51, a current ratio of 1.03 and a quick ratio of 1.03. The stock’s fifty day moving average is $191.76 and its 200-day moving average is $218.82. The stock has a market cap of $44.08 billion, a PE ratio of 35.73 and a beta of 3.36.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. The firm had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the prior year, the business earned ($0.42) EPS. The firm’s quarterly revenue was up 104.8% on a year-over-year basis. As a group, equities analysts anticipate that Coinbase Global, Inc. will post 3.96 EPS for the current year.

Insider Activity

In related news, CEO Brian Armstrong sold 23,075 shares of the firm’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $220.31, for a total transaction of $5,083,653.25. Following the completion of the sale, the chief executive officer now directly owns 526 shares of the company’s stock, valued at approximately $115,883.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, COO Emilie Choi sold 1,500 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $229.70, for a total transaction of $344,550.00. Following the completion of the transaction, the chief operating officer now owns 196,471 shares of the company’s stock, valued at approximately $45,129,388.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Brian Armstrong sold 23,075 shares of Coinbase Global stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $220.31, for a total transaction of $5,083,653.25. Following the completion of the sale, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $115,883.06. The disclosure for this sale can be found here. Insiders have sold a total of 91,612 shares of company stock valued at $18,625,489 in the last quarter. Insiders own 23.43% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Fifth Third Bancorp lifted its stake in Coinbase Global by 0.4% during the 2nd quarter. Fifth Third Bancorp now owns 12,498 shares of the cryptocurrency exchange’s stock worth $2,777,000 after acquiring an additional 55 shares in the last quarter. Versant Capital Management Inc boosted its stake in shares of Coinbase Global by 75.0% in the second quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock valued at $30,000 after purchasing an additional 57 shares during the period. Larson Financial Group LLC grew its holdings in shares of Coinbase Global by 12.1% in the second quarter. Larson Financial Group LLC now owns 530 shares of the cryptocurrency exchange’s stock valued at $118,000 after purchasing an additional 57 shares in the last quarter. Benjamin Edwards Inc. increased its stake in Coinbase Global by 3.1% during the 2nd quarter. Benjamin Edwards Inc. now owns 2,009 shares of the cryptocurrency exchange’s stock worth $446,000 after buying an additional 61 shares during the period. Finally, Capital Advisors Wealth Management LLC lifted its holdings in Coinbase Global by 4.6% during the 2nd quarter. Capital Advisors Wealth Management LLC now owns 1,413 shares of the cryptocurrency exchange’s stock worth $314,000 after buying an additional 62 shares in the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

About Coinbase Global

Coinbase Global, Inc provides financial infrastructure and technology for the crypto economy in the United States and internationally. The company offers the primary financial account in the crypto economy for consumers; and a marketplace with a pool of liquidity for transacting in crypto assets for institutions.